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Archive for April 27th, 2016

sgrgas

April 2016 tax compliance calendar

April 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2016. April 1 Employers. Semi-weekly depositors must deposit employment […]

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sgrgas

How do I? Set up a like-kind exchange

How do I? Set up a like-kind exchange Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other property that the taxpayer will continue to use in a trade or business or for […]

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sgrgas

IRS focuses on new partnership audit rules

IRS focuses on new partnership audit rules Legislation enacted in 2015 provides new rules for IRS partnership audits. The new rules are a drastic departure from current rules and the IRS is hopeful that the rules will simplify the audit process and allow the IRS to conduct more partnership audits. The provisions do not take […]

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sgrgas

FBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements

FBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements Six years ago, Congress passed the Foreign Account Tax Compliance Act (FATCA), which set in motion a wave of new reporting and disclosure requirements by individuals, foreign financial institutions, and others. In response, the IRS created a host of new rules and […]

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sgrgas

FAQ: What is the Roth IRA contribution limit for 2016?

FAQ: What is the Roth IRA contribution limit for 2016? Individuals may contribute up to $5,500 to a traditional and a Roth IRA for 2016. This is the same limit as 2015. An individual age 50 and older can make a catch-up contribution of an additional $1,000 for the year. The contribution is limited to […]

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wnaegele

Congress takes first steps to tax reform

Congress takes first steps to tax reform Tax reform continues to be highly touted in Congress as lawmakers from both parties call for simplification of countless complex rules, overhaul of tax rates, and more. At times this year, President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in […]

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